The Fashion Industry after Covid-19

The world has been under lockdown, people have been quarantined until further notice, more than 28,000 people have died and the number of cases has been soaring each day mostly in Italy, Spain, and the US. The coronavirus outbreak has infected the global economy and economists predict that the impact is more severe than the Great financial crisis in 2007-2008. To slow down the spread of the virus, policymakers have made hard choices at the price of the economy that led to a profound crisis in the Fashion Industry.

Departments stores across the globe have closed their doors, Fashion houses are either canceling or postponing upcoming shows, major events like Met Gala and the CFDA Awards have been postponed, Fashion Magazines are not shooting and some of them are canceling spring-summer issues. Some luxury houses turned out to sew face masks and to make hand sanitizers. No more taking online orders and websites have closed amid Uk restrictions. Many employees left with no job as the unemployment rate is rising.

It seems like a bad scenario for the Fashion Industry and for Humanity, However, as people are quarantined, bored, stressed and trying to be innovative during the day. There is a bulb of light that will definitely change Consumer behavior toward their shopping bag.

So what does the future hold after Covid-19?

First, let’s go back to look at consumer behaviors after the Economic crisis and the 9/11 terrorist attack.

The financial crisis of 2008 has determined many changes in consumer behavior and has led to a ‘New consumer’ who is looking for deals, preferring real and authentic experiences and a remarkable change in the shopping patterns for Millenials.

“Recession is an opportunity to step back and think deeply. They will look for something “bigger than self”, from “active pessimism” to “proactive mindfulness”.”

https://www.researchgate.net/publication/227361034_Analyzing_the_Main_Changes_in_New_Consumer_Buying_Behavior_during_Economic_Crisis

Three years later, Fashion consumerism played a significant role in the short term economic and emotional recovery after the 9/11 terrorist attack in the USA, buying clothes signified a sense of unity and solidarity. With the urgent call of President George Bush and the Media, shopping was a symbol of moral and civic engagement.

The financial crisis left a mark on shopper’s behaviors, which were one of the major factors to get the US economy back on track after 9/11.

As those two events have ended, their impact on consumers' shopping bags still has an influence till today or more precisely before the spread of coronavirus. Major changes are predicted to happen in the way consumers will shop.

• Since the countries went into quarantines, ducks and dolphins were spotted swimming in clear water and a huge global drop in air pollution was measured. This will lead to a lesson for consumers to be more aware of climate change and wildlife, which will change dramatically the growth of Fast Fashion unless retailers do something about it.

• A noticeable change in shopping habits for Millenials and Gen Z.

• Xenophobic acts and hate speech have been reported toward Chinese and people of East Asian and Southeast Asian, those racist attacks plus accumulated racist speech of one political will impact badly the country labels.

• A strong diplomatic relation between countries will lead to new Merger of brands and it will lead to a new fashion style.

• New “Paradox of luxury” is characterized that the purchase of luxury goods is a way to promote a sense of belonging and patriotism.

Morality, environment awareness and Diplomatic relations will have a major impact on the Fashion industry after Covid-19,

The pandemic coronavirus has shown that we are all in this together, it has an economic and mostly emotional impact on Humanity that will lead to new thoughtful mindfulness consumers.